London,
Gold prices fell Monday as traders await further US economic data. Reports from last week indicated that inflation is stabilizing, raising expectations that the Federal Reserve (the US central bank) might lower interest rates later this year.
Spot gold dropped 0.5 percent to $2,321.11 per ounce, after climbing more than 1 percent last Friday. US gold futures also declined by 0.6 percent to $2,335.30 per ounce.
Upcoming US economic data releases include retail sales figures on Tuesday, weekly jobless claims on Thursday, and preliminary readings of purchasing managers’ indices on Friday. Several Federal Reserve officials are also scheduled to speak this week.
Last week’s data showed some easing in US price pressures, suggesting that the labor market is losing momentum and keeping hopes for a rate cut in September.
In other metals, silver fell 1.4 percent to $29.13 per ounce in spot transactions. Platinum dropped 0.5 percent to $953.30, and palladium edged down 0.1 percent to $889.21. (QNA)
